Long Term Care Insurance

Posted on Posted in Long Term Care Insurance

None of us want to be dependent on others especially for doing our day to day activities. However some unfortunate event or inevitable old age issues can lead to physical or intellectual impairment. This makes the patient depend on external help for doing activities like eating, bathing, dressing, using the bathroom etc.

This type of care given for an extended period of time is termed as long term care. The object of this type of care is to make the patient’s life more comfortable and safe. It is not necessarily a treatment for the condition ailing the patient. This care can be given by a family member of the patient at home or he/she may get professional care at a nursing facility or adult day care center.

The provider charges for long term care are covered by a special type of insurance called long term care insurance.  This insurance covers the very high expenses of the care providers to a large extent. Policyholders of these plans have to pay monthly premiums to the insurance company against which the company will provide the policyholder with long term care coverage. The length of time of the coverage will be specified in the contract.

The premiums are not the same for everyone. It varies greatly with age and health condition. The younger the person is – it is more likely that he will be in good health. So it is advisable that people should buy a long term care insurance policy while they are still in good health and young.

Some Reasons Why People Need Long Term Care Insurance

  • The government health insurance program Medicare and Medicaid offers very limited coverage for these expenses and only for those who qualify
  • This policy ensures that the patient gets quality care in a safe and respectable environment in keeping with his/her preference
  • Surveys have shown that the need for some amount of long term care is very high for seniors
  • Even young people might suffer some severe injury or be inflicted by some serious disease for which he/she will need long term care
  • This policy will help to protect a person’s savings of a lifetime and also leave some for the children to inherit

Even if the costs of long term care insurance seem a little stiff the benefits will give you enough reason to buy such a policy.